AFP Conducts Raids Targeting Currency Exchange Operation Allegedly Laundering Close to $230 Million in Illicit Funds

The Australian Federal Police (AFP) has revealed a money laundering operation known as the Long River syndicate, which is accused of using the Changjiang Currency Exchange as a facade for laundering approximately $229 million in illegal funds over the last three years.

As part of Operation Avarus-Nightwolf, a series of focused raids were conducted, resulting in the seizure of luxury properties and vehicles valued at around $50 million.

Changjiang Currency Exchange Revealed

A significant operation spearheaded by the AFP has brought to light the Long River syndicate, a money laundering network purportedly utilizing the Changjiang Currency Exchange. In the past three years, an estimated $229 million in illegal funds has been laundered through twelve locations throughout Australia.

The inquiry led to the apprehension of four Chinese nationals and three Australians in the eastern suburbs of Melbourne, all charged with participation in the syndicate. They are anticipated to appear in the Melbourne Magistrates Court shortly.

The AFP’s Assistant Commissioner, Stephen Dametto, provided insight into the factors that initiated the investigation, remarking, “It was just a gut feeling – it didn’t feel right.” He noted that the growth of the Changjiang Currency Exchange during the COVID-19 lockdowns raised red flags, particularly given the decline in international students and tourists.

The AFP discovered alleged ties between Changjiang Currency Exchange and recognized money laundering organizations. Over the last three years, the exchange network reportedly transferred more than $10 billion, with the AFP asserting that the company enabled illegal money transfers for organized crime groups.

Revealing the Complex Network of Money Laundering and Lavish Lifestyles

The business is said to have engaged in money laundering activities amounting to $228,883,561 from 2020 to 2023, with suspicions that some of the funds stemmed from cyber-enabled fraud, trafficking of illegal goods, and violent offenses.

According to law enforcement, the syndicate assisted its criminal clients in creating false business documents, including counterfeit invoices and bank statements. This enabled the criminals and the Changjiang Currency Exchange to portray the illicit funds as derived from legitimate sources in the event of an investigation by authorities.

Members of the syndicate led lavish lifestyles, dining at upscale restaurants, enjoying costly wines and sake, traveling via private jets, driving luxury vehicles, and living in multi-million-dollar residences. To avoid detection, they allegedly obtained fake passports at a cost of $200,000 each.

Assistant Commissioner Dametto emphasized the complexity of the Long River syndicate, characterizing it as a highly sophisticated money laundering organization deeply embedded within the financial services sector. He expressed assurance that the charges brought in this case would soon effectively disrupt the flow of illicit funds in Australia.

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